Transwestern Development Co. has acquired 1.6 acres in downtown Austin, Texas, which it plans to use to construct Block 36, a 263-micro-unit apartment community.

The development will also include a 3,000-square-foot restaurant space on the ground floor.

“As one of the most expensive zip codes in Texas, downtown Austin has few options for those who want to live alone for less than $1,500 a month,” Ty Puckett, Transwestern’s executive vice president, said. “Block 36 will fill that supply gap and offer residents the ability to live in one of the nation’s most desirable areas at a price point that otherwise does not exist.”

The property will offer mostly studio units though 14 percent of the community will be built for two-bedroom units. All units maximize efficiency with Murphy and platform beds, hideaway kitchen modules, convertible coffee/dining/bar tables and modular furniture.

Adding in Austin

Block 36 will be situated on Waller Creek, between East Third and East Fourth streets, and the groundbreaking on the development is scheduled for early 2019, with a completion date scheduled for the first half of 2020.

It’s within close proximity to the Sixth Street entertainment district, Rainey Street, State Capitol, University of Texas and the Austin Convention Center. The property is also near a multitude of entertainment, shopping, restaurants and parks.

“Austin will need to increase its inventory of rentals by nearly 50 percent by 2030 to keep pace with projected demand,” Josh Delk, Transwestern’s vice president, said. “With much of that demand coming from workers aged 20 to 34, Block 36 will be a walker’s paradise offering proximity to both the Central Business District and various entertainment destinations.”